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Tuesday, July 22, 2008
Nissan CEO: Auto Industry is 'Ripe' for Consolidation
FOXBusiness
Nissan Chief Executive Carlos Ghosn said the global auto industry is “ripe” for consolidation amid record gas prices and a slumping U.S. economy.
“All of the conditions for consolidation are there in my mind,” Ghosn said, in an interview with FOX Business in Tennessee. “You can see the trend coming, but you cannot time it.”
Ghosn said he believes that while consolidation will happen in the industry, he does not believe any of the major Detroit auto makers will disappear by this time next year.
Despite being an international auto maker, Ghosn said no car manufacturer is immune to the down turn in the auto market. Nissan, while it makes small-sized cars like the Altima, Sentra and Maxima, also sells large-size trucks and sport utility vehicles.
“Everybody is suffering. We’ve been in an auto recession for three years,” he said. “We sold 17 million cars in 2005, and we’re expected to sell 14.5 million cars this year.”
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